Ethereum ETFs Inflows, PayPal's Stablecoin on Solana, and DBS’s Blockchain Pilot - August 14, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
Kamala Harris: Crypto4Harris wants to reset engagement with VP Harris’s team, starting with a town hall meeting on Wednesday.
Coinbase: To offer cryptocurrency services in Hawaii.
PYUSD: PayPal’s PYUSD stablecoin supply on Solana surpasses that on Ethereum.
Singapore: DBS Bank launches blockchain-powered treasury token pilot.
Spot Ethereum ETFs: See $4.9 million in inflows; Grayscale’s ETHE ends a 14-day outflow streak.
Mt. Gox: Wallet holding $2B in Bitcoin sends test transaction as distribution continues.
Bitcoin: and crypto go unmentioned during the Trump-Musk X space interview.
Price Update
Bitcoin Touches $61K but remains hesitant to break through
Bitcoin’s price remains steady at around $60,000, showing little movement even as broader market conditions fluctuate. There have been recent discussions about potential bullish scenarios, with some analysts highlighting underlying strength in the market. The lack of volatility could indicate a consolidation phase as investors wait for new catalysts. However, the absence of mentions of Bitcoin and crypto in a high-profile interview between Elon Musk and Donald Trump has left some market participants wondering about the short-term direction.
Market Trends
Ethereum ETFs See $4.9M Inflows as Grayscale Ends Outflow Streak
Spot Ethereum ETFs have recorded $4.9 million in inflows, a positive sign for Ethereum investors. Additionally, Grayscale’s ETHE product has ended a 14-day streak of outflows, showing renewed interest in Ethereum-based investment products. These inflows reflect growing confidence in Ethereum’s future prospects. The turnaround in Grayscale’s ETHE product also suggests that institutional investors are becoming more optimistic about Ethereum’s long-term value proposition.
PayPal’s PYUSD Stablecoin Surpasses Supply on Solana
PayPal’s PYUSD stablecoin has seen its supply on Solana surpass that on Ethereum, signaling a shift in user preference toward Solana’s faster and cheaper transaction capabilities. This milestone reflects the growing adoption of Solana as a viable alternative to Ethereum for stablecoin transactions. The increasing supply of PYUSD on Solana is a positive indicator of the network’s continued growth and relevance in the stablecoin market.
Regulatory and Political News
DBS Bank Launches Blockchain-Powered Treasury Token Pilot
Singapore’s largest bank, DBS, has launched a pilot for blockchain-powered treasury tokens. The pilot wants to explore the benefits of blockchain technology in improving the efficiency and transparency of treasury operations. DBS’s initiative is part of a broader trend among financial institutions to use blockchain for various financial services, including payments, settlement, and asset management.
Crypto4Harris Wants to Reset Engagement with VP Harris
Crypto4Harris, a group advocating for cryptocurrency and blockchain innovation, wants to reset its engagement with Vice President Kamala Harris’s team. The group plans to kick off this effort with a town hall meeting on Wednesday, and it is looking to establish a more constructive dialogue with the VP’s office. This move comes as the crypto industry seeks greater clarity and support from U.S. policymakers. The outcome of these engagements could influence future regulatory approaches and the broader relationship between the government and the crypto industry.
Don’t Miss Anything
Mt. Gox Wallet Sends Test Transaction as Distribution Continues
A wallet associated with the Mt. Gox exchange, holding $2 billion worth of Bitcoin, has sent a test transaction as part of the ongoing distribution process to creditors. This activity shows that the long-awaited repayment process is moving forward. The distribution of these funds has been a significant concern for the market, given the potential impact on Bitcoin’s price due to the large amount of BTC involved.
Bitcoin and Crypto Unmentioned During Trump-Musk X Space Interview
In a much-anticipated interview between Elon Musk and Donald Trump on X (formerly Twitter), Bitcoin and cryptocurrencies were notably absent from the discussion. This omission surprised many in the crypto community, given the prominent roles both figures have played in the space. The lack of mention has led to speculation about the reasons behind the silence and its potential implications for market sentiment. The crypto market, however, remained stable following the interview, with Bitcoin continuing to trade around $60,000.
The cryptocurrency market is experiencing a mix of steady progress and regulatory challenges, with Bitcoin holding around $60K and Ethereum ETFs seeing renewed interest. Regulatory and political developments, including efforts by Crypto4Harris and the DBS pilot, show effort to integrate and monitor cryptocurrency into traditional systems. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
Take a look at our website for more insights: https://blockconsulting.cc